Private Equity Foundation in charity merger

According to Financial Times’ Anne-Sylvaine Chassany, The Private Equity Foundation, a London-based charity backed by private equity groups including KKR, Apax and Terra Firma, is merging with Impetus Trust.

The new entity will be called Impetus – The Private Equity Foundation and will be able to spend between £10m to £12m on programmes every year, with an emphasis on children and young individuals in severe poverty, said Daniela Barone Soares, the current chief executive of Impetus, who will become the CEO of the combined group.

The new charity will be chaired by Johanes Huth, who runs KKR in Europe and is currently chairman of PEF.

The merger should be completed by spring 2013. Louis Elson, managing partner of Palamon Capital Partners and current chairman of Impetus, will become deputy chairman.